Technology in business is a growing necessity. As the years go by, the business world is leaning more and more toward it, making it almost impossible to separate the two from each other. Innovation breeds business, and since technology paves the way for it, it can be gathered here that business needs technology to be sustained.
Technology helps increase the efficiency of systems, products and services. It helps track and streamline processes, maintain data flow and manage contacts and employee records. In fact, this increased efficiency in operation helps reduce costs as well as enable the business to grow rapidly.
Technology in business made it possible to have a wider reach in the global market. The basic example is the Internet, which is now a common marketing tool to attract more consumers in availing products and services offered by various businesses.
The influence of social media, constant threats of cyber -attacks, and demands for greater transparency also are amping up the pressure on executives and boards to make wise decisions about risk at an accelerated pace with little room for error. Senior leaders, in turn, are relying on an increasing number of stakeholders from all corners of the organization to identify, manage, and reduce risk.
The reality is that there is plenty of overlap between Governance, Risk, and Compliance. Each of the three disciplines creates information of value to the other two – and all three impact the same technologies, people, processes, and information.
Businesses need to have an in-depth understanding of technological tools in order to optimally leverage them.
Technological threats to business are growing rampant, such as hacking and other malicious activities, so one has to be responsible enough in utilizing the power of technology.
The Govt. is continuously working on a AI based project which uses next-generation technology to improve the delivery of technology based services. The Ministry of Electronics and Information Technology is utilising advanced technologies such as AI and machine learning etc.
Today, all business assets are mostly stored in the cloud or on endpoints. This has made it necessary for companies / firms to adopt strict measures including relevant policies to keep their data / information as well as that of their customers / users secure.
We, professionals, are the torch bearers of corporate governance and compliance management in any organisation and our role goes beyond corporate law. Modern and industrialized era has transformed the corporate world to the core. The growing importance placed on corporate governance has enhanced the role of the Professionals.
Reading our newsletters is a way for our professional friends to stay up to date. Our Newsletter offer an efficient way to stay informed, with links to good resources, summaries of the latest news, and quick overviews of in-depth articles.
“The world is progressing in the field of science and technology. AI is being used in every field. Indian Govt. is working towards using Artificial Intelligence (AI) in a safe and effective way. There is a digital government plan that is being architected and designed. It will become the next generation of e-governance.”
The Ministry of Corporate Affairs (MCA) provides the regulatory and administrative framework for corporates in order to make them effective contributors to national development. The Ministry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law.
Browser / System Requirements – MCA?
- Computer with Windows 2000 or later installed
- JRE (Java Runtime Environment) -Java version 8 is suggested
- Internet connection to access the MCA website
- Internet Explorer 10 or above / Chrome 49 or above /Firefox 45 or above
- You could observe issues with Adobe Reader DC version released So we advise you to use Adobe acrobat 11 or above version for eform upload.
- Scanner for scanning paper attachments
- Printer for printing bank challan or service fee payment receipt
- Pop-ups from MCA21 Portal must be enabled in your browser
- To download 6u30 and above, click Here
- This is required as part of the interoperability initiative of the Controller Of Certifying Authorities, India (CCA), for enhancing security for Digital Signature Certificate (DSC).
How to change user ID on MCA?
Since email ID is the user ID, you need to change your email ID to update your user ID. by visiting the Profile update page. Profile update section can be accessed by clicking on the Profile Update link present under “Hello, Username” on the top right corner of the MCA portal.
However, OTP verification would be required to update the email ID (this option is not applicable to applicable to Director/Designated Partner/Nodal Officer (IEPF)/ Deputy Nodal Officer (IEPF)).
How to add multiple roles to User profile at MCA?
Yes, you can add multiple roles to your profile. However, this feature is only available for Registered users and Business users other than Company/LLP users. You can use the option ‘Add Role’ provided on the profile update page.
On clicking this option, you would be given an option to add following roles and provide requisite additional information:
- Director/Designated partner – DIN, DPIN (as applicable).
- Professional – Professional membership details such as Name of the Institute and Membership number (as applicable).
- Manager/Secretary/Authorized representative – PAN (if not provided earlier) and CIN/LLPIN/FCRN of the company/LLP where the user wants to be appointed as an authorized signatory will be asked.
The request will then be forwarded to the respective Company/LLP user and their current Directors for authorization. Once authorized, the user will have access to the role. Refer use case 5 for authorization process.
Can I login from multiple devices at the same time?
Only one user session per platform (Mobile app/web) will be allowed at a time. If you try to create a simultaneous session with the same login Id, you will not be able to do so and an error message “You are already logged in from other device” will be displayed.
However, you can create one session from mobile application and one session from web simultaneously.
Some Key Points to be remembered – MCA 21:
- Stakeholders please note that Ministry of Corporate Affairs is launching first set of Company Forms (9 forms) on MCA21 V3 portal on 31st Aug 2022 at 12:00 AM.
- More than 2.26 Lac LLP Forms have been filed since launch of V3 LLP Portal including more than 40,400 Forms for LLP Name Reservation and LLP Incorporation as on 26-Jul-2022.
INCOME TAX SEGMENT:
The Income Tax Department, comes under the Ministry of Finance (MoF), Govt. of India, had launched its new e-filing portal www.incometax.gov.in on 7th June, 2021. The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers and also to make it taxpayer-friendly.
ITR 2021-22: Online Verification
ITR 2021-22: How to e-verify income tax return to complete filing process
If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department.
The Income Tax Department (I-T Department) on July 29 reduced the time limit for income tax return (ITR) verification from 120 days to 30 days. The rule came into force on August 1. This reduction applies to both the ITR verification processes, online and offline.
“It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically,” the I-T department said in a notification.
How to e-verify your ITR 2021-22?
e-verify using Aadhaar OTP
- Go to incometax.gov.in and log in to your e-filing account
- Under the ‘e-file’ tab, click on ‘Income Tax Returns’
- Click on ‘e-Verify Return’
- Now select ‘I would like to e-verify using OTP on a mobile number registered with Aadhaar’
- On the window that appears on the screen, click on ‘I agree to validate my Aadhaar details’
- Now click on the ‘Generate Aadhaar OTP’ button
- You will receive an OTP on the registered phone number
- Enter the OTP received in the given box and click on ‘Submit’
- On the successful submission, your ITR will be verified
- e-verify using net banking
- Go to incometax.gov.in and log in to your e-filing account
- Under the ‘e-file’ tab click on ‘Income Tax Returns’
- Click on ‘e-Verify Return’
- Now select ‘Through Net Banking’ and click on ‘Continue’
- Now, select the bank through which you want to verify the ITR and click on ‘continue’
- You will be redirected to the net banking page of your
- Click on ‘login to e-filing account from your bank’s net banking website’
- Now, you are taken to the ITR portal
- Click on ‘e-verify’ in your ITR form
- Your ITR verification process will be completed
How to verify the ITR 2021-22 offline?
- Go to the ITR website and take a print of your ITR verification form
- Now sign the form and pack it in the form of a courier
- Send the courier to the Centralised Processing Centre, Income Tax Department, Bengaluru (560500)
- Once the CPC receives the ITR-V, it will be
- You will receive the mail and
Kindly note that:
- If you miss the ITR deadline, you can always file a belated
- A belated ITR can be filed till December 31,
- But under section 234F of the Income Tax Act, 1961, the taxpayer is also required to pay a penalty of Rs 5,000 for delaying the
- Notably, this fine is only for taxpayers with an annual income of Rs 5 lakh or above. If the income is less than Rs 5 lakh per annum, the late fee is Rs 1,000.
- If you file a belated ITR, you are not eligible to carry forward the losses on income from capital gain, business and speculation. You can only adjust the losses from the sale of house
- Also, the tax refund is only paid if the return is filed and duly verified.
Source: Newspapers / CBDT Circulars / Press Release
- MCA / ROC: FAQ’S AND SUGGESTED
RESOLUTIONS FROM TECH – TORCH TEAM
Q. 1: I am unable to upload Form 8 for satisfaction of Charge, as when I click the “upload pdf” tab, a blank form 8 is opened, even after filling the form again a new form is created in My Application tab. SRN is also not visible on MY APPLICATION any more.
Ans.1: You can not upload a form until it shows an SRN in front of company name in Application History. The situation is showing technical glitch. Either you have to fill a fresh form or have to raise a complaint to MCA and keep following up on a regular basis.
Q.2 “LLP FORM-3 was filed and the status of the form is “Approved” but while filling LLP FORM-11 the “”obligation of contribution”” prefilled is not correct.
Ans.2: This shows your data is not updated in MASTER DATA of MCA. Therefore, you have to wait until it’s gets updated. Or You can check the FORM-3 again which have been uploaded by you.
Q.3: I have filed form 3 and 4 for changes with regard to change in capital contribution of partners and cessation of partner. however, the status of form is showing approved but nothing is changed on MCA portal. and while
filling form 11 for same LLP the pre filled information with regard to capital contribution is not correct and it’s been so long we are facing this issue.
Ans.3: This shows your data has not been updated in MASTER DATA of MCA. You have to wait till it’s updation in the records or have to raise a complaint ticket to MCA.
Q.4: While filing of FORM-3 the popup shows “PAGE UNRESPONSIVE” you can wait for it to become responsive or exit the page.
Ans.4: This error shows that the form is unable to fetch the related details from the master data of the MCA. Either there is any form which are yet to be uploaded i.e. FORM-3 after incorporation on a LLP or the required details of the llp has not been migrated successfully in V3. Hence in this case you have to raise a complaint to MCA stating that the LLP details are not showing in the Director’s master data.
Q.5: I am getting an error says “TECHNICAL ERROR OCCURRED, not able to process your request, kindly contact the administrator.” What to do?
Ans.5: This error shows that there is some problem in your system. Either you haven’t fill it correctly i.e. included alien characters which shouldn’t be there or you also have to see whether you are using latest JAVA, and browser and also deleted the temp files before filling this form again. Sometime old cache of the same form creates problem and cause of that forms start behaving starange.
Q.6: Form LLP 3 and Form LLP 4 not processing and buffering since last one month. What is this?
Ans.6: This shows the data validation error in the form. Kindly avoid: using special characters i.e. ( , . / [ ] ( ) !@#$%^&*`) anywhere in forms. Not
even in address line. Also don’t use special characters in files to be attached.
Q.7: 1. WHILE FILLING LLP FORM 8 FOR SATISFACTION OF CHARGE IN COLOUMN 12 (b) I.E. “Maximum Amount secured by the charge in words” GETS PREFILLED AS “Rupees overflow” INSTEAD OF ACTUAL WORDS FOR EXAMPLE RUPEES TWO HUNDRED AND TWENTY CRORES.
Ans.7: This is an internal error. The form design is not supporting the characters up to this length. You have to contact to MCA and technical team through raising a complaint with a screenshot.
Q.8: FORM 3 VIDE SRN M26974391 WAS FILED AND Status of the form IS “Approved” BUT WHILE FILLING LLP FORM 11 – THE “OBLIGATION OF CONTRIBUTION” PREFILLED IS NOT CORRECT.
PREVIOUSLY ALSO TICKET WAS RAISED WHICH WAS RESOLVED ON 16/06/2022 VIDE “Service Request SR2414343” RESOLUTION OF TICKET PROVIDED WAS “Solution- Dear User, The reported issue has been resolved. You are requested to kindly check again. If issue still persists, please create a fresh complaint on the portal with relevant details and screen print of the error. Thanks, MCA Support Team”
Ans.8: This shows your data is not updated in MASTER DATA of MCA. Therefore, you have to wait until it’s gets updated. Or You can check the FORM-3 again which have been uploaded by you.
Q.9: “Details of company(s)/LLP(s) in which partner/ designated partner is a director/ partner is not getting prefilled as 1 in the Number of limited liability partnership(s) in which she is a partner for Ms. MONIKA AGARWAL, Designated Partner in Form 11. It is getting prefilled as 0 instead of 1 in the Number of limited liability partnership(s) in which she is a partner for Ms. MONIKA AGARWAL, Designated Partner in Form 11.”
Ans.9: This error has been resolved and showing in a master data on MCA now. Kindly refill the fresh FORM-11.
Q. 10: Total contribution received from all the partners of the LLP (in Rs.) is not getting correctly updated in Form 11 after entering correct amount of contribution received from all the partners of the LLP.
Ans.10: The problem has been solved now. You can now edit Obligation amount and contribution amount of each partner in a FORM-11.
Q.11: “While filing Form 4 LLP for resignation of partner with PAN we are not getting the other details of the partner to be filled. Also, while trying to submit, it is showing an error that “”date of event should be greater than or equal to date of appointment”
Ans.11: The screenshot of the error is not sufficient to give an accurate suggestion.
Though it seems that. For the PAN validation error, the data will not get prefilled automatically as the PAN number is a validation tool for MCA. You have to put details manually and then PAN number to validate the data.
Q.12 “We have filed LLP FORM-3&4 for AAO-7756 vide SRN M26866650 dated 19/05/2022 by making a payment (Rs.200/-) along with Late fee of Rs.1600/-. But challan generation is not successful while making payment and even it’s not available in Bharat kosh website. (Only Transaction Receipt is available). Form status also under processing for more than 1 month. I want to know whether the form has been taken for processing or not? If Not, I will make sure to file another form at the earliest. (But now, Forms also not uploading.
Ans.12: The status of form is very well showing Under processing; that means the payment was successful, otherwise it would have been showing you waiting for payment.
You can download the challan of the payment through BHARATKOSH by clicking on this link. https://bharatkosh.gov.in/TrackTransaction/VerifyUser
Kindly provide your email id or mobile number (registered with V3 account only) through which you have uploaded the form on V3.
Q.13 While saving the FILLIP forms sent back for re-submission, portal gives error message to enter correct Area Code, even though it has been entered correctly as per excel file from NSDL website.
This issue was not faced while submitting the FILLIP form earlier vide SRN M26941187. Service Request / Complaint No. SR2409398 raised on 08/06/2022 but no response yet.
Ans. 13: The resubmission query is correct. Many people have done this mistake while incorporating a LLP many of us are entering the PAN code of company which is wrong, LLP is not a company hence you have to chose non salaried and non-company in the excel sheet (sheet-2) provided in the link of MCA.
Q.14: The SRN is marked as Sent for resubmission with the following remarks- Approved and I am directed that this e-Form should be resubmitted complete in all respects and failing which the eForm shall be treated as invalid and shall not be taken on record or transaction shall be cancelled.”
Ans.14: This is a human error from the CRC side. You have to resubmit the form without any changes and it will get approved automatically. It happens sometimes, and if you want to make a not to CRC then you can attach a clarification letter to CRC while resubmitting the form.
Q.15: Agile pro form is not accepting the DIN for Authorised Signatory With an error saying “please add director details having PAN” due to which we have to fill the form with PAN of the Director. While uploading the forms we are getting the error as “Details of Director entered in spice form does not match with spice Agile pro form. Kindly enter correct detail”. We have raised several tickets for resolving this issue but same issue exist till date.
Ans.15: This error is occurred after the inclusion of new 2 clauses directed for MHA permission for directors. An authorized signatory can participate only through his/her PAN, hence you have to associate his DSC on MCA also as an authorized representative.
For director’s details in agile form you have to see the form SPICE PART-B again. All the details entered in a SPICE PART-B has to be entered as it is in AGILE form.
Q.16: Not able to file form 11 LLP . Shows DIN not approved/valid.
Ans.16: The problem has been solved by MCA.
All the DIN approved between 01/04/2022 to 31/06/2022 had some errors in master data, which is resolved now by MCA technical team.
Q.17: complaint number SR2434748 form 3 and form 4 are approved by Respective ROC however the company master data and signatory details still shows resigning partners and designated partners details pfa screenshot of application history srn approved status
Ans.17: The updation in master data will take some time. MCA technical team is working on this glitch. You will be informed accordingly.
Q.18: COI is not received for LLP as pending for pan tan.
Ans.18: The COI is issued only after the allotment of a PAN and TAN. So, you have to wait until it gets approved with PAN/TAN. If you have entered a wrong detail in PAN/TAN code then you will be informed by CRC to resubmit the form with correct details.
Q.19: Can’t download the fillip form after generating Srn what to do?
Ans.19: This error depicts that the form was not filled correctly.
Kindly do this process mentioned:
1.Refill the form without special i.e. don’t put the character like . , / ‘ ; ] [ ()!@#$%^&* etc anywhere in the form. And also, don’t use the same in the attachments.
2.Please press SAVE button before pressing NEXT Once you see DATA SAVED SUCCESSFULLY then after you need to press NEXT button.
Q.20: In Form LLP-8, Contribution amount is not getting prefilled and when we enter Rs. 1,20,000 amount of contribution in the web form it states the following error.” There is a validation error in this field”. we have raised numerous tickets but the error has not been resolved till date( Ticket No:SR2362905-status Queued)Screenshots attached in the google form.
Ans.20: There could be 2 errors in this field.
1.You have filled wrong FORM-11 (without any obligation)
2.You are not using COMMA while entering amount in the
If the error is based on condition 1 then in that case you have to get your FORM-11 cancelled so that you can now fill right details in it.
And if error is based on condition 2 then please use COMMA while entering or if you see this type of error. You can see the other.
Q.21: I am filing FORM- FILLIP but I am getting an error that name is expired. But the name is valid till 90 days. What to do?
Ans.21: The said POP-UP is a technical glitch from the MCA side.
In one case approved SRN of RUN are not getting linked with FILLIP and in other case approved SRN gets expired after 20 days as like names of company filled through SPICE PART-A.
MCA technical team is working on this error and it will be resolved soon.
Q.22: While filling for FORM-4 as a lined form for cessation of a LLP as a partner I am getting an error that “Enter unique value in repetitive block of bodies corporate as DPs and block on body corporate as partners.” What to do?
Ans.22: This sis a technical glitch which is available in certain users account. MCA has instructed to use the user id of other person of professionals in this case for the time being and they are working on this error and it will get resolved soon by them.
Q.23: Getting an error on MCA “ NO DMSID for this particular record” what to do?
Ans.23: This error arises when user is trying to download the name approval letter from MCA. This error is related to nonavailability of hyperlink with the button (DOWNLOAD).
To resolve this error you have to write to MCA through complaint or you can directly start filling of form FILLIP without waiting for the name approval letter.
Q.24: While uploading a forms of llp for last year the fees are showing high. When I calculated the same it was very less, what to do?
Ans.24: This was a technical error from MCA side. It has now been resolved by MCA.
If anyone has paid more due to this technical glitch, they can raise a refund ticket on MCA and explain the error of MCA.
Q.25: I am unable to enter a LLP number and the cell is showing ARROW BUTTON. Error in FORM-3 what to do?
Ans.25: This error is occurring in an LLP which are formed during this year. This is a technical glitch which is user based.
You can try to fill this form from different user. If the problem persists then write to MCA with a screenshot.
- Corporate News – “Trendy Tech” Segment:
1.A grand strategy for technology
A grand strategy for development that looks decades ahead, not just years, requires a rethink in many areas of development policy. One such area is technology development. India’s research & development (R&D) spending as a percentage of gross domestic product (GDP) is way below that of major economies — 0.67 per cent in 2018-19 as against over 2 per cent in China and the European Union, over 3 per cent in the US and Japan and a whopping 4.5 per cent in South Korea. Moreover, while this percentage has stagnated in India, it has risen steadily in the other major economies.
The discrepancy may be less striking if one looks at the numbers employed in R & D because of the lower salaries in India. But in terms of outcomes, the relative spending numbers are not misleading.
- Information Source: Click Here
2.A peek into the next level of automation
- Once they cross the transformation threshold, automation will become increasingly essential to chief information officers’ quest for higher efficiency at lower costs.
- Gartner’s report predicts that by 2025, 95% of all digital initiatives will be on cloud- native
- The next big leverage for automation by 2025 will be its use in cyber security.
Automation, while being much maligned in B2C sectors, is fast becoming the Holy Grail of B2B enterprise technology adoption. The immediate reason is the rapid digitization that almost all verticals underwent in the last two years, which accelerated their earlier plans of digital transformation – primarily fueled by artificial intelligence (AI), automation, the cloud, and machine learning (ML).
For the next few years, the adoption of cloud platforms will increase manifold, to enable successful digital transformation. Gartner’s Top Strategic Technology Trends for 2022: Cloud-Native Platforms report predicts that by 2025, 95 % of all digital initiatives will be on cloud-native platforms. The number will have more than doubled from 2021 (40%). This
increase will be fueled by advanced IT automation solutions that will help to orchestrate and control their workloads.
The next big leverage for automation by 2025 will be its use in cyber security. Hybrid work practices have pushed security risks into homes and distributed geographies. The solution over the next year would be a cybersecurity mesh – designed to reduce the financial impact of a cyber incident drastically by establishing boundaries around individual devices, instead of the network. Automation will play a critical role in this cyber-security strategy since it is impossible to establish manual security boundaries on devices.
Data is the basis of all digitization, but raw data is of no value to any process. With increasing data and increasingly more complex data analytics, the ability to analyse it and convert it into actionable insights cannot be a manual process. Complex data pipelines will need resilient automation platforms to serve as what has been referred to as, meta-orchestrator automation platforms. Information Source: Click Here
The content of this newsletter is intended to provide a general guide to the subject matter. Every effort has been made to keep the information cited in this newsletter error-free. Suggestions and feedback to improve are welcome. The article and opinions therein are based on our understanding of the news, updates, law and provisions prevailing as on date. The contents of this newsletter are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the authors. The opinion may vary according to one’s interpretation of the law. It should not be relied upon as the sole basis for any decision which may affect you or your business.